04 July 2015
I am going to gift/donate a piece of land to a charitable institution for development of a building which will be constructed and used by them. The market value of land is around 15,00,000/- and I had purchased it 10 years ago for 2,20,000/-.
My questions are following: 1. What type of taxes do I need to pay? Gift Tax, Capital Gain Income in Income Tax?
2. How will income tax act affect charitable institution? Do they add it in its income?
CAclubindia
